The Great Resignation is upon us as the pandemic recedes and workers are quitting in record numbers. 4 million people quit in April alone, with no signs of this trend slowing down, according to economists around the world.
Leading organizations are moving beyond the 20th-century model of work and spending a collective US$1.2 trillion globally to accomplish this digital transformation. While technology plays a key role in optimizing your talent acquisition strategy, it’s essential that leaders take their data insights a step further to hire and retain top talent.
To hire and retain top talent, leading organizations will need to closely examine how the new employee experience is structured and what working at your organization looks like in a post-COVID world. That all starts with talent intelligence to drill down on the data.
The nature of work and employee values have changed
The nature of work has changed, and many people are frustrated with their employer’s disregard for this. “We have changed. Work has changed. The way we think about time and space has changed” says Harvard Business School professor, Tsedal Neeley.
In 2020, there was support for employee mental wellbeing and flexible schedules for caregiving, all while still producing a similar output of work. A year later, blanket statements about back-to-the-office come across as the opposite of that sentiment.
Many people are reevaluating their priorities when it comes to a work/lifestyle balance, including reducing their commute time and focusing on their work productivity, as opposed to 9-5 hours in a physical office.
Remote work is now more in demand than ever, with seven out of ten candidates asking to work from home. The pandemic has changed the nature of the modern workplace and it may not be as brick and mortar as it was pre pandemic. For workplaces that require being in person, it could include increased benefits, different salaries, or a new roadmap for employees to better see their future at your company.
Many employee values have changed and the digital age brings new needs, including new modes of colleague collaboration, and wellbeing support. Your employee value proposition will not look the same as it did pre pandemic. Drive your business strategy forward with your organization’s most important asset – your people.
See it from an outsider’s perspective
Competitor intelligence
What do they have that we don’t? Take stock of your competitors and how they’re attracting talent, winning deals, and innovating. Talent intelligence software provides market research within your industry for a level playing field.
Employer branding
How is your brand perceived? Your public perception is what encourages outsiders to apply and insiders to remain on your team. Conduct market research, including public opinion such as Glassdoor surveys for a third party perspective.
Candidate engagement
What makes for a successful candidate at your unique organization? What makes a candidate say yes to a job offer? What questions are candidates engaging with and continuing to progress in the interview? These are all factors to investigate as you keep track of successful hires.
Get the inside scoop
The new employee values
Remote work is one of the topmost coveted benefits for job offers. Check-in with your own people. Is it the physical space of working from home that they enjoy or the work flexibility to choose their own hours?
Survey your existing employees, both anecdotally and company-wide, to understand what makes your organization a great place to work, from the people to benefits and back again.
Build talent pipeline
Anticipate your talent needs instead of scrambling to react as people move away and within different departments of your organization.
Identifying high potential talent is an important part of your internal talent strategy. Instead of searching for months for a perfectly qualified candidate, focus on upskilling great talent you’ve already employed to fit your organization’s needs.
Examine your retention rate
Extract better insights to better understand why people are leaving your organization. Are specific demographic groups leaving your organization? For example, if many new parents and employees with young children are leaving, they could be struggling with strict working hours and need more flexibility. Look more closely for reasons such as location, performance, tenure, management,
Availability of opportunity
People remain at organizations that they see themselves growing with. Learning opportunities are a large part of any employee value proposition. What promotion and reskilling opportunities are available at your organization? What demographic groups are the most likely to advance? Ensure that you have an unbiased process for succession planning, mentorship, and other opportunity consideration.
Prioritize inclusion in your employee value proposition
Reduce bias in the hiring process
Is your talent shortage a shortlisting problem? You could be missing out on top talent that are simply needles in a haystack, especially in the crowded digital space. Create a more representative shortlist of your talent pool with AI talent acquisition intelligence that instantly screens and shortlists thousands of candidates with incredible accuracy and fairness.
Identify inequities
Unconscious bias occurs across the full employee lifecycle and affects everything from how your organization attracts, develops, and retains talent. With talent intelligence, teams can quickly identify inequities across the board from acquisition practices to payroll. With these data-driven insights, you can create a roadmap to correct inequity and increase the number of equitable opportunities across your organization.
Demonstrate your commitment
Workplace diversity can only thrive when inclusion initiatives go along with it. Take action in your diversity and inclusion initiatives. Conduct company wide sentiment surveys to see if your employees feel welcomed and a sense of belonging. For a more personal perspective, ask team leads and managers to engage with their smaller groups. Asking if employees feel heard starts with active listening.
Create an actionable plan based on the results. What do the data insights tell you? Once you have your results, brainstorm with your team and create an action-oriented process to meet the gaps in your talent strategy head-on. Talent intelligence is an important tool for enterprise organizations looking to create an irresistible employee value proposition, as well as a strategic plan for everything recruitment, retention, mentorship, and engagement.